Clark County issued multiple building permits for North Valley Business Park in September, and site work is now underway at the southwest corner of Las Vegas and Nellis boulevards. LM Construction Co. held a ceremonial groundbreaking on Nov. 4 for the roughly $22 million project, planned as three warehouse buildings across from Nellis Air Force Base. Owner Larry Monkarsh expects completion in late spring or early summer 2027.
That date is his target, not a finished calendar. The sharper local question is how the buildings leave his hands: industrial condo units sold one by one, instead of one warehouse sold whole to a landlord. The Las Vegas Review-Journal reported the plan this week.
From Land-Use Review To Construction
Monkarsh, who owns LM Construction, partnered with Matterhorn Venture Partners and Newhall Partners. The project site lists the address as 4120 N. Las Vegas Blvd. A marketing brochure cited by the Review-Journal puts the complex at nearly 111,800 square feet, with units ranging from 6,480 to 58,077 square feet.
Clark County's Building Department issued multiple building permits for the complex in September, ahead of last week's ceremony. An earlier version, measured by county staff in 2024, had the three-building plan at 96,260 square feet. Monkarsh said the plans were modified a few times after he bought the land.
He mainly builds projects as a general contractor and also develops his own. North Valley is the second of those jobs: his company is both putting the buildings up and trying to place the units with buyers.
A Different Ownership Route
Rather than sell an entire warehouse to a landlord, Monkarsh plans to sell the condo units separately. His group may also lease a unit and then sell it to another landlord. In its account of the plan, the Review-Journal described this as a way to bring buyers into the project unit by unit.
Monkarsh said individual sales would return his investment sooner so he could put the proceeds into another project. He also prefers not to take on the work of managing property. Leasing a unit first would be a step toward selling it to a landlord, rather than a plan to hold it long term.
Jarrad Katz, president of MDL Group and the listing broker, said industrial condo projects overall are still rare in Southern Nevada. He also said developers are finding buyers and that the resale market is strong. Rare, in this case, means a buyer at Las Vegas and Nellis is not sorting through a long list of lookalike condo parks.
Land That Arrived With Paperwork
Monkarsh acquired the 6.45-acre site in late 2024 for $4.5 million. Prior landowners had obtained the original project approvals. He described the property as teed up, ready to go.
The public record starts before that closing. A Clark County Planning Commission agenda for April 2, 2024 listed a proposed plan amendment for 6.5 acres, from Corridor Mixed-Use to Business Employment, a proposed zone change from CG to IL for an office, warehouse and distribution complex, and a design review. The zone-change item was listed for possible action. The Review-Journal reported that county commissioners approved plans for an industrial project at Las Vegas and Nellis boulevards in spring 2024.
The acreage figures are close without being identical, and the later plan changes mean the 2024 paperwork is not a snapshot of every wall now permitted. What the sequence does show is that Monkarsh bought a site whose industrial path had already been opened, then spent the next two years revising the buildings and pulling permits.
The Buyers He Is Selling Toward
MDL Group counted 40 Southern Nevada industrial buildings purchased by owner-occupants in the first half of 2026, at an average of $276.20 per square foot. In the first half of 2025, the comparable count was 24 buildings at $269.50 per square foot. The 2026 purchases averaged around 12,500 square feet. That size sits inside North Valley's marketed range, though the park also offers units well below it and one as large as 58,077 square feet.
Those owner-occupant prices are not the price of every industrial sale. In the third quarter, MDL Group reported 65 industrial transactions totaling $382,461,760. The buildings covered 2,218,071 square feet and averaged $179.01 per square foot. Inventory in the Las Vegas market area was 201,909,949 square feet, up 5,065,969 square feet, or 2.57%, from a year earlier. Space under construction was 6,207,667 square feet, an increase of 1,243,966 square feet, or 25.06%.
Colliers, covering the second quarter, reported Southern Nevada industrial net absorption of 762,333 square feet, up year over year and ahead of new deliveries, with vacancy down to 9.1%. The weighted average asking rent fell from the prior quarter to $1.10 per square foot on a triple-net basis. Space is being taken. Landlords are also posting a slightly cheaper number than they did the quarter before.
Other Boxes Near The Base
North Valley is not the only industrial bet in this part of the valley, and it is not the only condo experiment. In April, the Review-Journal reported on Black Mountain Commerce Center in Henderson, roughly 146,000 square feet, with units for sale from 21,125 square feet up to a full building. That report also said a separate industrial building of about 56,670 square feet near Nellis Air Force Base was scheduled to break ground in the fourth quarter of 2026.
At Nellis and Carey, just south of the base, Panattoni Development broke ground on Nellis Commerce Center, described by Clark County's economic development office as a $23 million, 228,760-square-foot Class A building. That is the more familiar product: one large building, not a set of separate deeds.
An Earlier Project Near Nellis
The nearby Nellis Commerce Center had reached groundbreaking years before North Valley. In a report posted April 10, 2023, 8News Now said Panattoni had broken ground on the separate project at Nellis Boulevard and Carey Avenue. Its single-building format contrasts with North Valley’s three buildings and individually marketed units; North Valley’s land-use review came in 2024, followed by permits and its November groundbreaking.
For North Valley, the date Monkarsh has put on the work is late spring or early summer 2027. Until then, the choice he has already described is whether a unit at 4120 N. Las Vegas Blvd. leaves as a sale to an owner-user or as a leased space sold on to another landlord.
